Core Viewpoint - The company has appointed a new project quality control review partner due to internal adjustments at the auditing firm, which will not affect the financial report audit and internal control audit for the year 2025 [1][4]. Group 1: Appointment of Auditing Firm - The company held meetings on October 27 and November 12, 2025, to approve the appointment of Zhongshun Zhonghuan Accounting Firm as the financial auditing and internal control auditing institution for the year 2025 [1]. - The announcement regarding the reappointment of the auditing firm was disclosed on October 28, 2025, on the Shanghai Stock Exchange website [1]. Group 2: Change of Quality Control Review Partner - The original project quality control review partner, Chen Rongju, has been replaced by Cui Xiurong due to internal adjustments at Zhongshun Zhonghuan [1][2]. - Cui Xiurong has been a certified public accountant since 2014 and has been involved in auditing listed companies since 2010, with experience at Zhongshun Zhonghuan since 2016 [2]. Group 3: Integrity and Independence - In the last three years, Cui Xiurong has received one administrative regulatory measure but has not faced any criminal penalties, administrative punishments, or self-regulatory sanctions [3]. - There are no circumstances that could affect Cui Xiurong's independence [3]. Group 4: Impact of the Change - The change in the project quality control review partner is due to internal adjustments and will not impact the company's financial report audit and internal control audit for 2025 [4].

Group 1 - The core point of the article is that Panjiang Co., Ltd. announced a change in its financial audit and internal control audit firm for the year 2025, appointing Cui Xiurong as the new project quality control review partner due to internal adjustments at Zhongshen Zhonghuan [2] Group 2 - Panjiang Co., Ltd. has appointed Zhongshen Zhonghuan as its financial report audit institution and internal control audit institution for the year 2025 [2] - The original partner assigned for quality control review, Chen Rongju, has been replaced by Cui Xiurong [2] - The change is attributed to internal adjustments within Zhongshen Zhonghuan [2]

证券代码：600395 证券简称：盘江股份 编号：临 2026-001 贵州盘江精煤股份有限公司 关于变更审计机构项目质量控制复核合伙人的公告 计，2016 年起开始在中审众环执业，近 3 年复核 4 家上市公司审计报告。 （二）诚信记录 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 贵州盘江精煤股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日和 2025 年 11 月 12 日分别召开了第七届董事会 2025 年第十次临时会议 和 2025 年第一次临时股东会，审议通过了《关于聘请 2025 年度财务审计 机构和内控审计机构的议案》，会议同意公司续聘中审众环会计师事务所 （特殊普通合伙）（以下简称"中审众环"）为公司 2025 年度财务审计机构和 内控审计机构。具体内容详见公司于 2025 年 10 月 28 日在上海证券交易所 网站（www.sse.com.cn）披露的《贵州盘江精煤股份有限公司关于续聘会计 师事务所的公告》（公告编号：临 2025-050）。 2026 年 1 月 13 日，公司收到 ...

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]

Group 1 - The coal mining sector increased by 1.23% on January 9, with Jiangte Equipment leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Jiangte Equipment's stock price rose by 9.95% to 9.06, with a trading volume of 448,900 shares and a transaction value of 397 million yuan [1] Group 2 - Major coal companies such as China Shenhua and Xinda Zhou A also saw increases, with China Shenhua up 2.41% to 42.45 and a transaction value of 1.551 billion yuan [1] - Conversely, some companies like Dayou Energy and Shanxi Coking Coal experienced declines, with Dayou Energy down 3.23% to 8.10 and a transaction value of 859 million yuan [2] - The coal mining sector experienced a net outflow of 324 million yuan from major funds, while retail investors saw a net inflow of 397 million yuan [2][3] Group 3 - Jiangte Equipment had a net inflow of 109 million yuan from major funds, while retail investors had a net outflow of 46 million yuan [3] - China Shenhua also saw a net inflow of 34.67 million yuan from major funds, with retail investors experiencing a slight outflow [3] - The overall trend indicates a mixed sentiment in the coal mining sector, with significant retail interest despite the net outflow from major funds [2][3]

Group 1 - The core viewpoint of the articles highlights the growth in electricity generation in Guizhou Province, with a total generation of 211.4 billion kWh in November 2025, representing a year-on-year increase of 6.9% [1] - From January to November 2025, Guizhou Province generated 2,336.3 billion kWh of electricity, showing a year-on-year growth of 4.8% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 1,373.2 billion kWh (58.8% of total generation) with a year-on-year decline of 5.9%, while hydropower increased by 31.8% to 653.2 billion kWh (28% of total generation) [1] Group 2 - Wind power generation reached 134.1 billion kWh, representing 5.7% of total generation with a year-on-year increase of 8.5% [1] - Solar power generation amounted to 175.72 billion kWh, making up 7.5% of total generation and showing a year-on-year growth of 16.9% [1] - The report by Zhiyan Consulting provides an analysis of the energy industry market in China from 2026 to 2032, indicating potential investment opportunities [1]

Core Viewpoint - The article discusses the performance of the Zhongzheng 1000 ETF Enhanced (561280), highlighting its opening price and the performance of its major holdings since its inception on August 31, 2023, which has yielded a return of 57.53% [1]. Group 1: ETF Performance - The Zhongzheng 1000 ETF Enhanced (561280) opened at 1.578 yuan, experiencing a decline of 0.19% [1]. - Since its establishment on August 31, 2023, the fund has achieved a return of 57.53% [1]. - The fund's performance over the past month has been a return of 6.26% [1]. Group 2: Major Holdings - Major stocks in the fund include: - Boqian New Materials, which opened with an increase of 0.68% [1]. - Haoyuan Pharmaceutical, which rose by 0.78% [1]. - Yingjixin, which increased by 0.56% [1]. - Caixun Co., which saw a slight increase of 0.08% [1]. - Jinma Leisure, which rose by 0.41% [1]. - Panjiang Co., which remained unchanged [1]. - Jindawei, which decreased by 0.10% [1]. - Yiyuan Communication, which increased by 0.43% [1]. - Minxin Co., which remained unchanged [1]. - Nami Technology, which rose by 0.34% [1]. [1]

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

Group 1 - The coal mining sector experienced a slight increase of 0.1% on December 26, with Huayang Co. leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Key stocks in the coal mining sector showed varied performance, with Huayang Co. rising by 6.10% to a closing price of 8.17 [1] Group 2 - The coal mining sector saw a net outflow of 92.22 million yuan from major funds, while retail investors contributed a net inflow of 180 million yuan [2] - Notable stocks with significant net inflows from retail investors included Xinda Zhou A, which had a net inflow of 42.99 million yuan [3] - The overall trading volume and turnover in the coal mining sector reflected active participation, with Xinda Zhou A achieving a trading volume of 601,600 shares [1][2]

MACD金叉信号形成，这些股涨势不错！ 格隆汇12月26日丨盘江股份(600395.SH)公布，截至2025年12月26日，贵州能源集团通过上海证券交易 所交易系统以集中竞价交易方式累计增持公司1783.35万股A股股份，约占公司总股本的0.83%，累计增 持金额8555,89万元(不含交易费)，本次增持计划已实施完毕。 ...